Welltower Sold or Agreed to Sell $1.3 Billion in Integra Assets
Key Facts
In its fourth-quarter 2025 results filing, Welltower said it had entered into an agreement during the quarter to sell $1.3 billion in assets within its Integra joint venture. The deal dates to the fourth quarter of 2025 and therefore is not a new announcement on November 14, 2026. The agreements included $800 million in skilled nursing assets sold during the same quarter. The company also forecast in its February 2026 filing that it would sell an additional $500 million from the Integra portfolio during 2026. This puts the sales within an extended program to monetize skilled nursing assets and redeploy capital.
By the time of Welltower’s March 2026 update to Citi, the company had sold or agreed to sell $1.3 billion in Integra assets in the fourth quarter of 2025 and the first quarter of 2026. It added earlier sales of nearly $100 million. The company said the total represented about 50% of the Integra portfolio. That reflects the scale of the exit relative to the broader portfolio, with deals spanning more than one reporting period. Welltower presented the sales as monetization of its skilled nursing investment following an improvement in operating performance.
The company’s quarterly report showed that Welltower completed the sale of 39 properties during the nine months ended September 30, 2026. Net proceeds from those sales totaled $575.691 million. That figure covers the period specified in the report and does not change the date of the $1.3 billion agreement announced in the fourth-quarter 2025 results. The company said its investment thesis for Integra included selling the portfolio after stabilization, within a timeframe of 3-5 years after it reached stabilization. This places the exit in the context of an investment plan that the company said it linked to improved operations followed by a sale.
Welltower said Integra’s performance improved rapidly after the transition, with earnings before interest, taxes, depreciation, amortization and rent approaching stabilized levels after two and a half years. It added that these earnings increased by more than $500 million. The company also estimated an expected unlevered internal rate of return of 25% on the properties sold or slated for sale, and a multiple on invested capital of 3.1 times. These estimates are based on the assets included in the sales or agreements, according to the business update it provided to Citi. The company thus linked the portfolio’s improved performance with the expected return from the exit.
Alongside the Integra sales, Welltower recorded pro rata gross investments of $4.1 billion in the third quarter of 2026, including development funding. It reported pro rata real estate dispositions of $284 million during the same period, as well as $200 million in loan repayments. These figures show concurrent investment, dispositions and loan repayments during the quarter. In its results, the company said same-store net operating income growth was 15.8% year over year in the third quarter. It attributed this to growth of 21.0% in its senior housing operating portfolio.
By contrast, Welltower forecast same-store net operating income growth in the skilled nursing segment of between 2.0% and 3.0% during 2026. It also said it expected pro rata proceeds of $1.9 billion from real estate dispositions and loan repayments during the twelve months following its October 2026 update. It estimated the weighted average yield on these dispositions at 6.5%. These forecasts set out the company’s outlook for performance and exits in the coming period, while the effect of capital redeployment remains tied to the results of its investments. Welltower shares closed at $244.93 on November 12, 2026, according to EL7 data.